The latest funding round has more than tripled the valuation of the workplace communications company.
Software company Workvivo has raised €20.8m in a Series B funding round to fuel the next stage of its journey and further develop its platform.
The latest funding round was led by investment firm Tiger Global. Workvivo said this fresh investment has more than tripled the valuation of the company.
Workvivo was founded in 2017 by John Goulding and Joe Lennon. It develops workplace communication software and experienced significant growth in recent years, boosted by the pivot to remote working during Covid-19.
The Cork-based start-up said it has experienced more than 150pc year-on-year growth for the past three years.
The latest funding brings the total raised by Workvivo to date to $38m. It raised €14.7m from Tiger Global, Frontline Ventures and Enterprise Ireland in 2020. The company also received a “major investment” from Zoom founder Eric Yuan in 2019.
Since 2020, the company’s team has grown sixfold, reaching 123 members. Over the past year, Workvivo has opened new offices in Boston, London and Dublin.
“Over the past three years, we have been blown away by the tremendous growth we’ve seen, but mostly by the huge impact the platform has made for our customers,” Workvivo CEO Goulding said.
“We’re working with some of the world’s largest organisations to help them foster world-class workplace cultures.”
Workvivo said it has 300 customer organisations with between 100 and 100,000 employees in more than 90 countries. Its clients include Amazon, VMware, Cubic Telcom, Bupa and Netgear.
The company’s platform is designed based on the way that people interact outside of the workplace. Employees are able to share, post, comment, podcast or livestream on the communications hub, in order to replicate a social experience.
Workvivo said the latest funding will be used to make new innovative features to help bring a company’s culture to life and humanise the digital workplace.
“People spend a huge amount of their hours each week at work, and they deserve it to be meaningful and to feel a sense of belonging and purpose,” Goulding said.
“CEOs that adapt to the new working world and change the way they engage their employees will create new and better opportunities for their company and retain their best talent in this period of the great resignation.”
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